The deal allows Mellon to put its signature atop the 31-story, 522,843-sf tower at 1111 Brickell Ave., replacing the Barclays Financial Center logo. London-based Barclays has moved its South Florida operations to New York.
Area brokers tell GlobeSt.com the sublease is probably the largest relocation lease signed in more than two years in the Brickell financial district.
The rental rate and value of the sublease were not disclosed in a prepared statement from Insignia/ESG Inc. which negotiated for Barclays. Industry sources tell GlobeSt.com on condition of anonymity Mellon Bank paid about $26 to $27 per sf, probably escalating 3% per year.
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